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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 19 November 15
Q3' 16 RICHARDS BAY COAL SWAP CLOSED 9% LOWER THAN Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 19 November 15
RATES FOR CAPES KEPT MOVING SOUTH - INTERMODAL
COALspot.com: With the BDI currently standing at less than 30 points above the historical lows marked in February this year and with activity acros ...
Wednesday, 18 November 15
MARKET (SHIPPING) INSIGHT - THEODORE NTALAKOS
Supply VS Demand
According to data from the IMF, global growth for 2015 is projected at 3.1 percent, 0.3 percentage point lower than in 2014, ...
Tuesday, 17 November 15
KOMIPO INVITES BIDS FOR (SEMI) ANTHRACITE COAL FOR SEOCHEON POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 70,000 Metric Tons of (Semi) Anthracite for Ja ...
Tuesday, 17 November 15
FOB NEWCASTLE COAL SWAPS FALL: Q1'16 SLID 11.45% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $4.75 per ton (11.45%) month over month to US$ 36.75 per ton. The swap ...
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Showing 2706 to 2710 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Planning Commission, India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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